INTUIT TAX LEVEL 1 EXAM
QUESTIONS & ANSWERS
Married Filing Jointly: Social Security Taxes - ANSWERBelow $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax - ANSWERBelow $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
States that tax social security income - ANSWERColorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses - ANSWERFederal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income - ANSWERchild support payments, welfare benefits, cash rebates,
damage awards for personal injury or sickness, gifts, alimony for divorce after 2018,
healthcare benefits, money reimbursed from qualifying adoptions, life insurance policy
when someone dies, money from a qualified scholarship except if spent on rent,
personal expenses.
Is Gofund me taxable? - ANSWERFalse
Can you amend your tax return from married filing jointly to married filing separately? -
ANSWER
, Are guaranteed payments considered wages in Box 1 on 1040? - ANSWERThe
payments are recorded on schedule k-1 and included as income on schedule E of their
form 1040
Form 8812 - ANSWERAdditional Child Tax Credit
Form 1040 - ANSWERThe standard Internal Revenue Service (IRS) form that
individuals use to file their annual income tax returns.
Form 1116 - ANSWERForeign Tax Credit (Individual, Estate or Trust)
Form 2241 - ANSWERChild and dependent care expenses
Form 5695 - ANSWERResidential Energy Credits
Form 8862 - ANSWERInformation To Claim Earned Income Credit
After Disallowance
Form 2210 - ANSWERUnderpayment of Estimated Tax by Individuals, Estates, and
Trusts
Form 1040 X - ANSWERAmended U.S. Individual Income Tax Return
Form 1040-SR - ANSWERU.S. Tax Return for Seniors
Form 1040-NR - ANSWERnonresident alien
Estimated payments Due Date - ANSWERApril 15th, June 15th, September 15th, and
Jan 15th
Qualifying Surviving Spouse - ANSWER-Available for the two years following the year
of spouse's death
-Surviving spouse does not qualify if he or she remarries during the two-year period.
-Surviving spouse must maintain household for dependent child.
Non- US Citizen - ANSWERResident alien if they meet green card test
OR
Substantial presence test - minimum 31 days current year 1/8 days of prior year 1/6
days of year before the prior year. Must total 183 days when added.
Dual status alien - resident alien to non-resident alien
Below the Line Deductions (From AGI) - ANSWERItemized deductions
QUESTIONS & ANSWERS
Married Filing Jointly: Social Security Taxes - ANSWERBelow $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax - ANSWERBelow $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
States that tax social security income - ANSWERColorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses - ANSWERFederal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income - ANSWERchild support payments, welfare benefits, cash rebates,
damage awards for personal injury or sickness, gifts, alimony for divorce after 2018,
healthcare benefits, money reimbursed from qualifying adoptions, life insurance policy
when someone dies, money from a qualified scholarship except if spent on rent,
personal expenses.
Is Gofund me taxable? - ANSWERFalse
Can you amend your tax return from married filing jointly to married filing separately? -
ANSWER
, Are guaranteed payments considered wages in Box 1 on 1040? - ANSWERThe
payments are recorded on schedule k-1 and included as income on schedule E of their
form 1040
Form 8812 - ANSWERAdditional Child Tax Credit
Form 1040 - ANSWERThe standard Internal Revenue Service (IRS) form that
individuals use to file their annual income tax returns.
Form 1116 - ANSWERForeign Tax Credit (Individual, Estate or Trust)
Form 2241 - ANSWERChild and dependent care expenses
Form 5695 - ANSWERResidential Energy Credits
Form 8862 - ANSWERInformation To Claim Earned Income Credit
After Disallowance
Form 2210 - ANSWERUnderpayment of Estimated Tax by Individuals, Estates, and
Trusts
Form 1040 X - ANSWERAmended U.S. Individual Income Tax Return
Form 1040-SR - ANSWERU.S. Tax Return for Seniors
Form 1040-NR - ANSWERnonresident alien
Estimated payments Due Date - ANSWERApril 15th, June 15th, September 15th, and
Jan 15th
Qualifying Surviving Spouse - ANSWER-Available for the two years following the year
of spouse's death
-Surviving spouse does not qualify if he or she remarries during the two-year period.
-Surviving spouse must maintain household for dependent child.
Non- US Citizen - ANSWERResident alien if they meet green card test
OR
Substantial presence test - minimum 31 days current year 1/8 days of prior year 1/6
days of year before the prior year. Must total 183 days when added.
Dual status alien - resident alien to non-resident alien
Below the Line Deductions (From AGI) - ANSWERItemized deductions
